Posted on: 31st Dec, 2008 07:49 am
is their any cash out refinance mortgage product to help this situation in ny?...i am seeking an equity based loan (second lienholders position) or cash out refinance mortgage product on behalf of my father
the property
7.4 acres with a small house on it occupied by my retired father - age 60, to be 61 in feb - this is in albany county ny
the good
1)good frontage on rt 9w near a new wal mart just south of albany, 9.5 acres seperated from his property only by a fence sold for 750000 a couple years ago (although that property already had approvals for townhomes which his does not - zoned rural) but this makes for a decent comp as his property has not been appraised in ages
2)he has never missed a payment on anything ever with a credit score in the 700 range
3)the only debt attached to the house and property is a 76500 heloc
the bad
1)he has been retired for many years and is not yet collecting social security so he has not income (on paper) - as a retired organic farmer (the property is an old farm) he gets consulting work from time to time but it is not claimed on taxes
thats it for bad
the problem is without an income on paper i am having difficulty finding a product to help him even though their is a vast difference between the amount of the current lein on the (property) and what his property is worth or even what it would sell for in a (worst case scenario) forclosure situation
i cannot find even a hard money lender in this county that deals with loans as small as he needs
basically he is anticipating running into problems making his heloc payments in the near future and trying to get out ahead of it by tapping some more equity out of his property - his current heloc is with key bank who didnt even bother to appraise his property when they gave it to him, doing a "drive by" instead, but they are unwilling to consider the value of the property as a whole, only the home, and unwilling to raise his heloc to a higher percentage of the (home only) value without proof of income
any options would be appreciated - seems like a stated income cash out refinance would work if they still exist?
if you can do business with him let me know and i will pass off his contact information
the property
7.4 acres with a small house on it occupied by my retired father - age 60, to be 61 in feb - this is in albany county ny
the good
1)good frontage on rt 9w near a new wal mart just south of albany, 9.5 acres seperated from his property only by a fence sold for 750000 a couple years ago (although that property already had approvals for townhomes which his does not - zoned rural) but this makes for a decent comp as his property has not been appraised in ages
2)he has never missed a payment on anything ever with a credit score in the 700 range
3)the only debt attached to the house and property is a 76500 heloc
the bad
1)he has been retired for many years and is not yet collecting social security so he has not income (on paper) - as a retired organic farmer (the property is an old farm) he gets consulting work from time to time but it is not claimed on taxes
thats it for bad
the problem is without an income on paper i am having difficulty finding a product to help him even though their is a vast difference between the amount of the current lein on the (property) and what his property is worth or even what it would sell for in a (worst case scenario) forclosure situation
i cannot find even a hard money lender in this county that deals with loans as small as he needs
basically he is anticipating running into problems making his heloc payments in the near future and trying to get out ahead of it by tapping some more equity out of his property - his current heloc is with key bank who didnt even bother to appraise his property when they gave it to him, doing a "drive by" instead, but they are unwilling to consider the value of the property as a whole, only the home, and unwilling to raise his heloc to a higher percentage of the (home only) value without proof of income
any options would be appreciated - seems like a stated income cash out refinance would work if they still exist?
if you can do business with him let me know and i will pass off his contact information
Hi upstatefarmer!
Your query has been answered in the given link:
http://www.mortgagefit.com/refinance/cashout-statedincome.html#70945
Please have a look. I hope it will help you.
Sussane
Your query has been answered in the given link:
http://www.mortgagefit.com/refinance/cashout-statedincome.html#70945
Please have a look. I hope it will help you.
Sussane